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The bearish trend still look here - although with weak move, I see. I mean - this bearish was weak because on today opening price. So with this look, I see - it's better to just wait and see first = this look become a sideways first near that 76.4 fib line (78.35).
USD / JPY after a couple of trading for two days near the support level of 78.00 at the end of the week the course moved to the north, there was a rebound from this level, as a sign of the buyer, expect the growth to the north.
USD / JPY pair today headed for the opposite of what I expected and went up to him yesterday when the pair of Fibonacci 76.4 and is now facing strong resistance at 78.57 levels above closure will go towards us more of the Ascension
http://www14.0zz0.com/2012/07/27/17/890318782.png
It worked good level of support 78.00 a couple days to settle and some went to the top ... I think the movement in the next couple of days will be determined by the level of E-78.00 78.70 ....
on the daily chart we can see that there is a broken moving up trend then it retest the trend now so we should wait to see if it can break the trend or not if it can n't break the trend we can then sell this pair .
USD / JPY has been moving in a few weeks bearish trend can be seen very specific scope of trading on the following Monday 78.00 - 78.70 .. let's see whether bears will continue its way south from the mark of 78.70 ...
am writing this post about USDJPY on daily timeframe.Currently this pair is really showing very low volatility.It is in a downtrend now.The supoort level is at 78.02 and resistance level major at 80.50 breakout out of these levels will show good trend resume and volatility too.On upside the reversal price level is 79.22 to breakout above.Also RSI level shows the it is below 50.
Looking at the 1day chart since 3 weeks ago, usdjpy has unfurled its weakness and continue the downtrend. In the 1 week chart, a channel can be presumed to be forming with target at the downside of the channel. It is now in consolidation (1day, 4hr) which may be completed with the formation of a 3rd wave at around 98.30. With high momentum shown in the 1day/1week chart, long-term bias is downtrend.
Just be careful, I see till the closed price this week - the price look to become consolidation.. I call this is a sideways area. Then, if we see this pair with Fibo = I see the price also still look on sideways near that 76.4 fibo line (78.35). But, of course - the big trend on this pair till this closed price (this week)
major trend of this pair is downtrend but last week this move up
so price can still move to 79.20 or move back to support area at 78.00
Spoiler: